Telegram-herald., 1887-06-12

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ssaz .zs @spzeesssa eae hekea la ~. fei-
lesslsz fE@ s4eFf 4vei -eoaar ef is'ilseo. en3
sn.k.Fea - seaE. = p4st. sad tAas sasn~e@ing
as aeesas : - kaae kaz ssfe~a 50
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st1l sasrs a1eke taat se~2sa = fesegssa
.tees. 1gsess .isse1 pEsce1e3 - sFe~t Penae
- i<& - faet. he cQszit1ieas xFs - elf-
sesees f4esa slese Fresszitsx - <sd = -
.hat ~ sSeeeslsEE eas - efa~n. fb<rs = ne~
q iAFsa xcisuse e iFfssieesaai,le b4f - Il
ssf.leF l,epsF. - f4ilSre Il tke gan efees .
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zfaos sisi no ssFy ena.saai ehahSes = fcPsl<-
ton 1aa aTeFege rate ~ Interest S prob
aeig tea loNss9 ever knepn. a. ks la ths cd
scrLd Ard fbe res: tie eest e tks sssces-
sarses e Ife - as IN - thss zsRsF2tion has
sser klaNn. Il 80 lowsr, scd lhs niafssn -
profits n alazasg every liEs ~ lsgltiaaef< busi-
aess Is As toa - - aay t1nle IN thss oesssuss.
y are szsi1zd. thsxefo1s. IA hsls<sinz that
ths riss q psicss ~ill cazls ca siowiy and lat
ioE scnsa tia.e. that he ~xsze sxperieteas q
shs recsnt past VII have thzir restraining sf-
Feet, sEd consequently thai tbs activity viii
bs eonsaei ehtsfy & legitimate business for
some years till prosperity produces It's usual
sfsecs ia exciting speculss4oa snd the creation
of 6etitious yalaesL After thAt-tAs crash
Tbs present sitostioa Is peculiar Ia many
respecks. Perhaps the meet lsleno<nensl fact
= TIE low rate of interest, tia, Is % say, the
abundaace of leanabie capltal, despite the
RAPID increase Ia population AID the yoluIue
II business. TIE cause Is easily Keen; modern
business methods dispense With the use q
Eaon~vs prcda-e psys Tor gods and T.e0-s~
for prodoee IN tDe crusalng penie of 1851,
and tue long era Of depression which lasted
.hrouzh Van Burens aId Ty.srs adm.uistra-
ions, TIE wessern farmers grain aud meat
Eere Eioatks in Teaching fhs consumer and
the Manufactured articles as long in reach
ing the west, at each transfer 0f valucs
money was paid. Now the western factor
oads q railroad train with grain and files
he certificates of thar shipment IN his iccal
baak: a telegram informs the New York
correspondent thar the gram u on the way,
he credit Is made and the goods may be,
,ften are shipped westward thereon before
be gre;n gets half way 10 the seaboard
I've dollars may be the total casa payment
Or tho transfer Of $1,000 worth OF
wheat and return OK al equivalent ia goods.
lAls rapidly Increasing volume Of busi-
less Is transacted on decreasing transfers Of
.ash: banking and telegraphy dispense with
he use cf money, AMI there IS an over
| abundance Of cash for legitimate business be-
...es { surplus Tor speculation and new in
vestments.
Another very noteworthy feature is that
WAGES have been 50 well maintained. In tie
even years that the cost Of living has de
clinea nearly one-thiId, wages have certainly
not declined one-tenth, IL at all; and as the
/ don Edward Atkinson has so ably
0inted ont. the laborer has been secur-
inz a constantly increasing share OF n
constantly increasing product. The result
has been TO excite immigration on a scale
never before witnessed. Not since Goth. Hun
and Vandsi descended upon Rome has such
rrzilsfrr OF population taken place as this
very year sees II is n serious question II this
European food $500 laborers in 1857 ct
preseat rates. viii Tot force a great collapse
/ "a tiie American labor market. Another very
| serious thing has happened: our foreign Gus
.aasers. espetiaIiy England. are looking else
wherS for gram and cotton. Our export Of
| he FORMER has fallen OF one-half. and now
| he latter is threatened. We were helped out
| Z the pzDic OF iSs3-5 by combination OF
| events which may never again occur. There
wera seven good wheat crops in this country
and seven poor ones in western Europe.
The result was that in nine years we ex-
! ported more wheat than in the previous
| ninety The further result was the transfer
| Of 81, coo oo0. 90 in values 70 American far
| Elers, with which they entered the market
! ani created the "hooni" of lS79-sO Bnt low
| the Furooean demand is less, and Egypt. In
,3ia, Australia and the Argentine KepGbhc
/ supply far more. j. III. BEADLx